Pinnacle Associates Ltd. Purchases 4,752 Shares of Raymond James (NYSE:RJF)

Pinnacle Associates Ltd. grew its holdings in Raymond James (NYSE:RJF) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 226,342 shares of the financial services provider’s stock after acquiring an additional 4,752 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Raymond James were worth $25,237,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Wolff Wiese Magana LLC increased its holdings in shares of Raymond James by 3,960.0% during the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 198 shares during the period. Quarry LP acquired a new position in Raymond James in the 2nd quarter valued at $29,000. Smithfield Trust Co lifted its position in shares of Raymond James by 105.0% during the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 126 shares during the period. Covestor Ltd grew its holdings in shares of Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 104 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Raymond James in the third quarter worth $32,000. 83.83% of the stock is owned by institutional investors.

Raymond James Stock Up 0.2 %

Raymond James stock traded up $0.33 during midday trading on Wednesday, reaching $149.35. The stock had a trading volume of 193,120 shares, compared to its average volume of 1,135,548. The company has a fifty day moving average price of $125.55 and a two-hundred day moving average price of $121.63. Raymond James has a 12 month low of $94.53 and a 12 month high of $150.91. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $30.76 billion, a P/E ratio of 15.35, a PEG ratio of 0.76 and a beta of 1.02.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The firm had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. During the same quarter in the previous year, the company posted $2.13 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities analysts expect that Raymond James will post 10.32 EPS for the current fiscal year.

Raymond James Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $1.80 annualized dividend and a yield of 1.21%. Raymond James’s payout ratio is 18.54%.

Wall Street Analysts Forecast Growth

RJF has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wolfe Research reiterated a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. The Goldman Sachs Group boosted their price objective on shares of Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Jefferies Financial Group upped their target price on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research note on Friday, October 4th. Finally, Bank of America upped their price objective on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Raymond James currently has an average rating of “Hold” and an average target price of $139.36.

Insider Buying and Selling at Raymond James

In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the sale, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.74% of the company’s stock.

About Raymond James

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.